Worried about the has hazardous consequences of climate change, the Chief Executive of Energy Institute, Loiuse Kingham Obe Fei, has stated that the country losses 350,000 hectares yearly to desertification, warning that if necessary measure are not adopted, more serious deserters may be experienced through environmental degradation.
Kingham who said this at the 2019 Energy Sustainability Conference held in Lagos recently, with the theme “Energy Landscape: Minimising Risks, Maximising Opportunities,” advised that the operators in the oil sector should invest on new energy technology across its value chain.
In his presentation, the Corporate Strategy and Planning Manager, LNG, Dr. Yakie Ogon expressed that in the next seven years for the country to exhaust the 200 tcf, the world would have moved on with renewables, adding that more Nigerians and companies should embrace the use of gas for energy and power generation.
He said, “Many African countries are switching to gas, but about 24 power plants we have in the country at any point in time and most of them are not working because of lack of gas. They are gas powered plants, but they are not up and running and there are myriads of reasons why this happens. If you note all the contractual problems we have, because for me I see more of contractual problems when you sell gas and you are not sure of payment by the buyers. You are not sure of contractual fidelity in terms of sanctity of contract and they are not sure when that contract fails, you can go through the legal means and get that payment made and all these discourages investment and that is why the export angle seems to be thriving..”